GBP/JPY Forecast 08/09: Choppy Near 200 (Video)

(MENAFN- Daily Forex)

• The British Pound has been all over the place during the trading session on Friday as risk appetite, is going to be all over the place as well.
• When facing against the Japanese Yen, this is a risk on or risk off question.
• I find it easy to simplify this pair, but really what I'm looking at is that the 200 Yen level has been very important.

Risk On/Risk Off

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It's easy to simplify this pair in the sense that people believe that if assets are going higher, the British pound should go higher. And if they're falling, the Japanese yen should be falling. That being said, it is one of these situations where you are looking at a market that is just going to do what it's going to do. It doesn't do what it's supposed to do.

I think a lot of traders are going to get into trouble with that. If we can break above the 201 yen level, then I think you get a bit of a short squeeze to the upside, and we could get really moving at that point. If we break down below the 198 yen level, then the 196 yen level could be a bit of a target for the downside. Keep in mind the 200 day EMA is at 195.22 yen and rising.

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So that could offer a little bit of support as well. But ultimately, this is a market that I think is looking to perhaps In the short term, to at least go sideways. And then once we get a feel for how the global economy is, maybe make a move. For what it's worth, though, we have been very resilient in our attempt to break above 200 yen. With this, I'm slightly positive, but I also recognize we need some type of event to get the markets moving like that.

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